EIA data show an increase in weekly U.S. crude supplies amid rising oil prices
The Energy...
The Energy Information Administration reported on Thursday that U.S. crude inventories rose by 4.5 million barrels for the week ended Feb. 18. On average, analysts had forecast a decline of 300,000 barrels, according to a poll conducted by S&P Global Platts. The American Petroleum Institute on Wednesday reported a 6 million-barrel increase, according to sources. Weekly inventory data were released a day later than usual due to Monday's Presidents' Day holiday. The EIA also reported weekly inventory declines of 600,000 barrels each for gasoline and distillates. The S&P Global Platts survey expected supply declines of 1.1 million barrels each for gasoline and distillates. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub fell by 2 million barrels for the week.
Russian invasion in Ukraine sparks stock-market rout, with Dow industrials tumbling nearly 800 points
U.S. stock gauges tumbled Thursday morning as Russia, brushing aside the threat of further Western sanctions,...
U.S. stock gauges tumbled Thursday morning as Russia, brushing aside the threat of further Western sanctions, mounted a wide-ranging and long-feared attack on Ukraine.
The Dow JonesDJIA, -2.27% fell 802 points, or 2.4%, to reach 32,290, heading for its first correction in two years.
The S&P 500 index SPX, -1.95% decline 108 points, or 2.6%, to reach 4,119.
The Nasdaq Composite Index COMP, -2.08% fell 3.2% to reach 12,624, falling well below 12,845.95, the level that would represent a 20% drop from its recent peak and mark the first bear market for the index in about 2 years.
Investors were selling assets perceived as risky such as stocks and seeking safety, pushing down yields of government bonds, including Treasurys, boosting the dollar, and rallying gold to its highest level in more than a year.
The oil market will find it impossible to replace Russia’s oil, which accounts for...
The oil market will find it impossible to replace Russia’s oil, which accounts for 10 percent of global supply, Dmitry Marinchenko, senior director for natural resources and commodities at Fitch, told Russian media on Tuesday.
A further escalation of the conflict could lead to sanctions that would restrict Russian oil exports, which “could lead to an energy crisis,” Kommersant daily quoted Marinchenko as saying.
Russia’s share of the global oil market is over 10 percent, and there is no one that can replace it, there is little spare production capacity—especially considering the gradual recovery in demand—even if sanctions on Iran are lifted in the near future, TASS quoted Marinchenko as saying.
Russia, the world’s second-largest oil exporter after Saudi Arabia, exports around 5 million barrels of crude oil per day (bpd). Nearly half of it, or 48 percent, went to European countries in 2020, according to data from the U.S. Energy Information Administration (EIA). In 2021, Russia remained the largest supplier of natural gas and petroleum oils to the EU.
Chesapeake Energy Reports Higher Profit, Raises Earnings Forecast
Shale oil and gas producer Chesapeake Energy Corp. said on Feb. 23 its adjusted profit...
Shale oil and gas producer Chesapeake Energy Corp. said on Feb. 23 its adjusted profit rose nearly 15% in the fourth quarter from the third and raised its 2022 earnings forecast amid surging oil prices.
Oil and gas prices have jumped in recent months on strong demand due to an economic rebound from the pandemic, while supply growth has lagged. U.S. crude futures settled at $92.10/bbl on Feb. 23, up nearly 50% from the same time last year.
Chesapeake raised its forecast for 2022 EBITDAX to between $3.8 billion and $4 billion, compared with an earlier estimate of between $3.4 billion and $3.6 billion.
Oil Prices Soar Past $100 As Russia Invades Ukraine
Crude oil prices were on the rise on Thursday morning as Russia engaged in a “special military...
Crude oil prices were on the rise on Thursday morning as Russia engaged in a “special military operation” in Ukraine. The price of Brent crude oil is now well over $100 per barrel for the first time since July 2014. The price of Brent crude reached $104.99 per barrel - up $8.15 (+8.42%) on the day. The price of WTI crude oil had reached $100 before falling back to 99.52 up $7.42 per barrel (+8.06%) as Russian forces made their way into Ukraine in a show of force not seen in Europe since WWII in a multi-pronged attack.
